The furniture polish market was valued at approximately US$ 10.72 billion in 2023. According to market research, this sector is expected to grow significantly, reaching a projected valuation of US$ 22 billion by 2033. During the forecast period, furniture polish sales are anticipated to achieve a compound annual growth rate (CAGR) of 7.4%.
Key Drivers
- Increased Homeownership and Renovations: Rising homeownership rates and frequent home renovations drive demand for furniture maintenance and polishing products.
- Growing Aesthetic Consciousness: An increasing focus on home aesthetics and furniture upkeep promotes the use of furniture polish to maintain and enhance the appearance of wood and other materials.
- Technological Advancements: Innovations in product formulations, including eco-friendly and multi-purpose polishes, contribute to market growth by offering improved performance and added benefits.
- Rising Disposable Income: Higher disposable incomes enable consumers to invest in premium and specialized furniture care products.
Distribution Channels
- Retail Stores: Supermarkets, hypermarkets, and specialty stores remain significant distribution channels.
- Online Retail: E-commerce platforms are experiencing significant growth, providing consumers with convenience and a wider range of options.
- Professional Services: Some polishes are distributed through professional cleaning and maintenance services.
Geographical Insights
- North America: Dominates the market with a strong presence of key players and high consumer awareness. The demand is driven by a high rate of homeownership and renovations.
- Europe: Growth is supported by increasing interest in home aesthetics and the adoption of eco-friendly products.
- Asia-Pacific: Emerging as a significant market due to rising disposable incomes, rapid urbanization, and a growing middle class.
- Latin America and Middle East & Africa: Experiencing steady growth driven by economic development and increasing consumer spending on home improvement.
Market Research Methodology – Perfected through Years of Diligence
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Internet Penetration – A Key Influential Macroeconomic Factor Driving Market Growth
The average internet penetration around the globe has been rising at a significant rate with 2.8 Billion people aged above 15 years connected to the internet. Various e-commerce channels such as Walmart, Tesco, and Amazon have been considered as the preferred e-commerce platforms for purchasing products. This critical macroeconomic factor has been paving the way for the global furniture polish market growth in terms of value and volume sales.
Attributing to this, several key furniture polish manufacturers now consider online platforms as a key tool in triggering demand as well as sales for their various furniture polish products. For instance, in 2018, Sherwin-Williams – a prominent player in the global furniture polish market – launched an online tool that provides detailed specifications of its various furniture polish products for the North American market.
Recent Developments
- Innovations: Introduction of new formulations with enhanced properties such as UV protection and anti-scratch features.
- Sustainability Initiatives: Increased focus on eco-friendly packaging and natural ingredients in response to growing consumer demand for sustainable products.
Emphasis on Innovation and New Product Launches by Furniture Polish Companies
Consumer perception and buying behavior have been constantly changing with the new trends in various markets. The global furniture polish market has been witnessing a similar trend with its large customer base. With the use of various types of base materials such as hardwood gaining traction in the furniture industry, customers now seek furniture polish capable of maintaining the look of such hardwood furniture for a long span of time.
As a result, various furniture polish manufacturers have been strategizing on introducing new variants of furniture polish products to cater to the varying demands of its target customers. For instance, in 2015, Bona US, one of the key players in the global furniture polish market announced the launch of a new line of furniture polish under the brand name ‘Bona Wood Furniture Polish’, which is a liquid-based product that cleans and protects hardwood furniture. Furniture Polish Wipes are another innovation, these wipes are beneficial in removing sticky spills and stains and also help in protecting furniture from dust and allergens.
Competitive Landscape
- Key Players: Major companies include SC Johnson Professional, Bona, Pledge (SC Johnson), Weiman Products LLC, and Howard Products, Inc.
- Strategies: Leading brands focus on product innovation, sustainable formulations, and expanding distribution networks to enhance market reach.
Multinational Players are Relatively Highly Concentrated on a Global Scale, as Compared to Local & Regional Furniture Polish Manufacturers
The global furniture polish market is primarily characterized by the presence of a large number of regional and multinational companies. Detailed profiles of furniture polish companies have also been included in the global furniture polish market report to evaluate their strategies, key product offerings, and recent developments.
Some of the key players profiled in the global furniture polish market study include
- Altana
- Cleenol Group Ltd.
- Liberon Limited
- Reckitt Benckiser Group plc (Old English)
- S.C. Johnson & Son, Inc. (Pledge)
- The Sherwin-Williams Company
- PPG Industries Inc.
- Akzo Nobel N.V.
- Axalta Coating Systems
- Masco Cabinetry, LLC
- RPM Wood Finishes Group
- Blend well Chemicals
- Milsek Furniture Polish Inc.
- Golden Star Inc.
- Other
Segmentation Analysis of the Furniture Polish Market
Product Type:
- Solvent
- Liquid
- Aerosols
Source:
- Alkyd
- Melamine
- Polyester
- Lacquer
- Others
End Use:
- Household
- Corporate Offices
- Hospitality
- Educational Institutes
- Restaurants and Cafes
- Furniture Manufacturers
- Others
Sales Channel:
- Wholesaler/Distributors
- Supermarket/Hypermarkets
- Specialty Stores
- Online Stores
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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